Combined financial statements are documents that provide a quick and easy means of reviewing the current status of multiple types of financial assets. The document can replace the need of receiving multiple financial statements and spending time combining the detail into a common reference resource. A combined financial statement can include information about all sorts of assets and account balances, which makes the document an ideal method of determining the latest net worth associated with the individual or business entity.
The combined financial statement is most often employed by business entities that operate more than one company as part of the overall operation. Rather than relying on an individual financial statement for each company, the combined statement allows owners and investors in the corporation to have a quick look at the net worth associated with both the parent and the subsidiary companies. Because the document provides a side by side accounting format for both balances and overall net worth for each entity as well as cumulative figures, reviewing the combined financial statement takes much less time and effort than sorting through hundreds of pages of data associated with each entity.
Over the years, banks and other types of financial corporations have begun to offer a combined financial statement to individuals as well. Often, this can simplify the record keeping for the home a great deal. A typical combined financial statement for an individual would include information about checking account activity, savings account activity, the current balances of certificates of deposit, or individual retirement accounts. The combined statement may also include credit card activity, assuming the credit card is issued by the same bank where the patron has his or her checking and savings accounts established.
With the advent of the Internet and online banking, many institutions now offer the combined financial statement in an electronic format. This may be in the form of a locked document that the client can access using secure credentials, or view by accessing customized web pages using customized login information. In either case, the development of accessing a combined financial statement through the Internet means that customers can now obtain financial details that reflect postings as recent as the previous business day.
